Welspun New Energy, Gujarat Pipavav Port join forces for Green Hydrogen Hub

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Welspun New Energy, Gujarat Pipavav Port join forces for Green Hydrogen Hub

Welspun New Energy, Gujarat Pipavav Port join forces for Green Hydrogen Hub

Industry News
Jan 15,24

Welspun World, operating through Welspun New Energy, has committed a substantial investment exceeding Rs 40,000 crores to contribute to Gujarat's decarbonisation objectives.

Welspun New Energy, Gujarat Pipavav Port join forces for Green Hydrogen Hub

Welspun New Energy Limited (WNEL) and Gujarat Pipavav Port (GPPL) formally entered into a Memorandum of Understanding (MoU) at the Vibrant Gujarat Global Summit 2024. The purpose of this agreement is to collaboratively explore and develop opportunities for green hydrogen facilities on a designated land parcel provided by GPPL.

The key objective outlined in the MoU is to foster cooperation in joint production and off-take arrangements for green molecules generated at these facilities. Gujarat Pipavav Port, affiliated with APM Terminals and a part of the AP Moller-Maersk Group, is set to play a crucial role in this joint venture.

Kapil Maheshwari, the Executive Director & CEO of Welspun New Energy, emphasized that the collaboration aims to establish an ecosystem facilitating GPPL's shift towards sustainability, particularly through the production of Green Ammonia and Green Methanol. Additionally, the introduction of green derivatives is anticipated to bolster Pipavav Port's global standing as a Green Shipping Line.

Welspun World, operating through Welspun New Energy, has committed a substantial investment exceeding Rs 40,000 crores to contribute to Gujarat's decarbonisation objectives. The focus of this investment is the establishment of a green hydrogen and green ammonia ecosystem within the state.

Welspun New Energy has secured in-principle approval from the government of Gujarat for the development of renewable energy on approximately 20,000 acres of land, specifically for green hydrogen production. The company is also in advanced stages of developing around 1,000 MW of renewable energy projects for prominent manufacturing units in Gujarat. Furthermore, WNEL has entered into MoUs with leading hydrogen hubs for the export of domestically produced green molecules.

This collaborative initiative, as announced in a press release by WNEL, signifies a significant stride towards realizing the state's vision of a robust and reliable power infrastructure. It underscores Welspun's commitment to decarbonize the entire value chain and transition towards sustainable fuel sources. The MoU, inked during the 10th edition of the Vibrant Gujarat Global Summit 2024 and inaugurated by Prime Minister Narendra Modi, marks a noteworthy milestone in advancing these shared goals.

Source: Money Control